Following steps are used to identify , evaluate, and manage the risks that may affect your project:
1. Identify risks.
Determine which aspects of your plan or project environment may change.
2. Assess the potential effects of those risks on your project.
Consider what can happen if those aspects don’t work out the way you envision.
3. Develop plans for mitigating the effects of the risks.
Decide how you can protect your project from the consequences of risks.
4. Monitor the status of your project’s risks throughout performance.
Determine whether existing risks are still present, whether the likelihood of these risks is increasing or decreasing, and whether new risks are arising.
5. Inform key audiences of all risks involved with your project.
Explain the status and potential effect of all project risks — from the initial concept to the project’s completion.